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EP48: Steemit.com - The Future of Social Media w/ CEO Ned Scott

Today’s guest is Ned Scott, CEO of Steemit.com and the crypto-currency Steem which is a blockchain built to reward and incentivize content creation and social media engagement. Basically it’s a website like Facebook or Reddit, where people can follow others, post content and engage in the online community, but there’s a difference.

Unlike Facebook and Reddit, where users only get “good feels” when someone LIKES your post, on Steemit.com you actually get awarded with the crypto-currency, Steem, which currently has a value of ~$1 each. I”ve seen people, like Jeff Berwick, make $16,000 on a single post. Trust me, I was in disbelief at first too.

Now, there are PLENTY of people who call Steemit.com and the Steem crypto-token a scam and a pyramid scheme. There are various reasons why fellow crypto-friends either don’t understand or don’t trust Steem; many of them have valid reasons. Ned and I chat about the economics of Steem and how they created a coin, wrapped in smart contracts to incentivize and build the type of community they wanted to build. Coming from a background of Austrian Economics, I’m dig deep to get answers to some of the most fundamental concerns about Steem and try to find out if it’s actually a scam or not. My conclusion? Well...you’ll have to listen to the podcast to find out.

If Ned is correct, and he’s been able to create a new type of social media platform community that rewards content creators and engagements, then social media has changed forever. That’s no embellishment.

If we can now organize ourselves in voluntary communities, based on a common interest, use a blockchain to permanently store our collective content/information/communications and also reward and incentivize each other to create the kind of content that we want...then we’ve entered into a new era of peaceful Anarchy and Voluntaryism.

I encourage you to listen to this interview with an open mind. Listen to how the blockchain is being utilized and how it is creating value in the communities that we voluntarily belong to and choose freely.